Swiss banker verdict may be just beginning for Credit Suisse
A verdict Friday in Geneva court may bring some closure to the former Credit Suisse banker who has been in jail for two years before his trial on fraud charges even began. For the Swiss bank, the headache may linger for years
The verdict isn't in doubt as Patrice Lescaudron confessed on the first day of the trial last month to diverting money from client accounts to cover trading losses. The questions for the tree-judge panel is how long he has to serve in prison and what to do with the tens of millions of dollars that he took.
A theme of the trial was the repeated attempts by Lescaudron's victims to shift the debate onto what they believe was Credit Suisse's negligence in failing to discover the wealth manager's crimes. Judge Alexandra Banna rejected the requests, but lawyers are gearing up for a new wave of lawsuits against the bank.
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